Argosy Minerals on schedule to ship lithium carbonate cargo to Mitsubishi

Argosy Minerals Ltd (ASX:AGY) remains on schedule for the planned shipment of five tonnes of high-quality >99.5% lithium carbonate this month. The shipment was produced from the company’s industrial-scale pilot plant operations in Argentina. Argosy will be delivering into the sales agreement executed with Mitsubishi Corporation RtM Japan Ltd in March 2019.

The sales price for the cargo was determined using a set formula referencing an industry-standard benchmark index LCE product price, netting off in-country taxes, adjustments for product specifications, all associated shipping costs and commission fees.

Processing expertise are a competitive advantage

Argosy’s managing director Jerko Zuvela said: “This is another significant development milestone for the company, led by Pablo and the high-class Puna operations team, whose lithium processing expertise is world-class and provides us a distinct advantage to our lithium peers – having successfully proven our chemical processing capability in producing >99.5% LCE product and now working toward commercial-scale production operations. “This is an exciting period for Argosy and Puna, becoming the first high quality >99.5% lithium carbonate product exporter from Salta Province, as we continue toward full development of our Rincon Lithium Project.”

Processing plant funding the focus going forward

Argosy’s focus and priority will continue being the ~2,000 tonnes per annum (tpa) modular lithium carbonate processing plant operation and associated funding. construction of this scale operation following the receipt of regulatory approvals is the next step in the scale-up development of the Rincon Lithium Project in Argentina. Argosy has had advanced discussions with a number of potential capital providers for the and is now focussed on determining its preferred funding structure.

Securing funding and commencing construction and associated development works for the lithium carbonate processing plant operation is expected during the June half of 2020.

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